Foxconn to invest $5 bn in M'shtra, gets 1,500 acres for plant

Global electronic manufacturing giant Foxconn today announced it will invest USD five billion over the next five years in Maharashtra, which has given the Taiwan-based company 1,500 acres of land for its plant.

Foxconn Chairman Terry Gou said the facility in Maharashtra will focus on research and development as well as manufacturing, and the company has chosen the state for being a financial centre, availability of quality talent and software-hardware integration facilities.

Foxconn will look for tie-ups with local partners for its presence in this state, Gou said, while adding that this MoU with the Maharashtra government was different from the already announced JV with the Adani group.

At an event organised to announce the investment and a Memorandum of Understanding in this regard between the company and the state government, Maharashtra Chief Minister Devendra Fadnavis said Foxconn will be given 1,500 acres of land.

Foxconn will create direct employment of 50,000 people through this MoU, Fadnavis said.

Gou said the MoU between Foxconn and the state government for setting up the plant follows two months of active discussions during which he met the Chief Minister seven times and a team of 60-70 persons from Foxconn was working on this.